Bitcoin and Dogecoin Show Similar Big Trend — Bearish: Bloomberg's Mike McGlone

Bloomberg Intelligence's senior commodity strategist, Mike McGlone, maintains his bearish outlook on Bitcoin, extending this prediction to Dogecoin as well. While current price action shows support holding for both, he anticipates an eventual breach, triggering a broader market downturn.

McGlone shared a chart illustrating the correlated movement of Dogecoin and what he refers to as the "Bitcoin/gold cross," likely a variation of the traditional golden cross pattern using Bitcoin and gold metrics. He believes a bear market bounce, rather than a new bull run, is more likely. He tweeted: "The Bitcoin/gold cross and Dogecoin have same-chart syndrome. Trendline support is holding, but I expect it to eventually be breached as the US stock market drops for the recession that did not come in 2023."

McGlone emphasizes the strong correlation between cryptocurrencies like Bitcoin and the broader stock market, citing the S&P 500, Nasdaq, and Dow Jones as key indicators.

Despite McGlone's bearish prediction, Bitcoin recently surged over 6% in 24 hours, reaching $94,100 from $88,610. This followed SEC Chairman Paul Atkins' call for fair and adequate digital asset regulations and a record $912.7 million net inflow into spot Bitcoin ETFs on April 21st—the highest single-day inflow since January.

Robert Kiyosaki, author of "Rich Dad Poor Dad," also recently revealed his holdings, stating he owns "plenty of Bitcoin" and is currently buying silver. He considers silver "the biggest investment bargain today," expecting it to double in price this year from its current price of around $35, surpassing its previous all-time high.